VPC Impact Acquisition Holdings III and banking app Dave today said the SEC has declared effective the SPAC’s Registration Statement on Form S-4, outlining merger terms between the parties. A shareholder vote on the deal is set for Jan. 4.
As announced in June, the deal gives the combined company a fully-diluted equity value on a pro forma basis of approximately $4 billion, assuming no redemptions. It is expected to result in over $375 million of cash on the balance sheet, reflecting a contribution of up to $254 million of cash held in VPCC’s trust and a $210 million PIPE led by Tiger Global Management with additional participation from Wellington Management and Corbin Capital Partners. Read more.
